MasterCard Send will enable customers to move funds into debit accounts in a half-hour or less, compared to the one to three days that is associated with ACH. The program is agnostic across payments brands. The Send platform can also be used to move money across borders, including the "unbanked" in developing nations.
MasterCard has entered the realm of real-time payments. The payments technology company today launched MasterCard Send, a personal payments service that enables funds to be sent quickly and securely to customers domestically and internationally. As noted in a press release, the service – rolling out first in the U.S. – facilitates disbursements and person-to-person (P2P) payments to and from almost any U.S. debit card account, not just MasterCard-branded ones. Funds transferred via MasterCard Send will be available for use within 30 minutes, rather than taking the days it sometimes takes with the current ACH process. “Through MasterCard Send, we have enabled a breakthrough solution that takes the pain out of the system, provides faster clearing of payments, and delivers a better user experience for senders and receivers alike,” Ed McLaughlin, Chief Emerging Payments Officer at MasterCard, said in the release.